The case involves the corporate insolvency resolution process (CIRP) of Albus India Ltd. initiated by Tuf Metallurgical Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Tribunal admitted the application and ordered the commencement of CIRP. Sandeep Kumar Bhatt was appointed as the resolution professional (RP). The RP published the Expression of Interest and received one resolution plan from Tuf Metallurgical Pvt. Ltd., which is also a member of the Committee of Creditors (CoC).
Tuf Metallurgical Pvt. Ltd. filed an application under Section 7 of the IBC against Albus India Ltd., a manufacturer of Low Carbon Ferro Chrome, due to technical failures and lack of working capital. The Tribunal admitted the application, initiating the CIRP. Sandeep Kumar Bhatt was appointed as the RP. The RP published the Expression of Interest and received only one resolution plan from Tuf Metallurgical Pvt. Ltd., which is also a member of the CoC. The CoC negotiated with the RA and approved the resolution plan with a 100% vote. The resolution plan includes provisions for payment of CIRP costs, financial creditors (Rs.5.81 crores against the total dues of Rs.37.61 crores), operational creditors (Rs.0.10 crores against the total dues of Rs.2.02 crores),
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The Tribunal admitted the application…
The resolution professional (RP) prepared and…
The case involves the corporate insolvency resolution process (CIRP) of Albus India Ltd. initiated by Tuf Metallurgical Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Tribunal admitted the application and ordered the commencement of CIRP. Sandeep Kumar Bhatt was appointed as the resolution professional (RP). The RP published the Expression of Interest and received one resolution plan from Tuf Metallurgical Pvt. Ltd., which is also a member of the Committee of Creditors (CoC).
Tuf Metallurgical Pvt. Ltd. filed an application under Section 7 of the IBC against Albus India Ltd., a manufacturer of Low Carbon Ferro Chrome, due to technical failures and lack of working capital. The Tribunal admitted the application, initiating the CIRP. Sandeep Kumar Bhatt was appointed as the RP. The RP published the Expression of Interest and received only one resolution plan from Tuf Metallurgical Pvt. Ltd., which is also a member of the CoC. The CoC negotiated with the RA and approved the resolution plan with a 100% vote. The resolution plan includes provisions for payment of CIRP costs, financial creditors (Rs.5.81 crores against the total dues of Rs.37.61 crores), operational creditors (Rs.0.10 crores against the total dues of Rs.2.02 crores),
…The Tribunal admitted the application…
The resolution professional (RP) prepared and…